This is another usage of the word "fap", which means to masturbate. There are three distinct levels of fapping. A Fapper is someone who spends a part his day fapping. The Fapper probably faps at least twice a day. Of the three levels of fapping, a Fapper is the lowest level. This is a person you should avoid shaking the hand of some of the time.

Someone that is currently working on the Society of Actuaries' "Fundamentals of Actuarial Practice (FAP) e–Learning Course."

FAP is easy. The assignments are pretty easy as well and it doesn't meet the SOA standards in terms of difficulty. This is just my opinion and I hope it doesn't offend FAPPERS as I am one of them as well.